E-newsletters
Reducing Credit Card Debt
Reducing Credit Card Debt Racking up credit card debt is a common phenomenon in the United States, as the Federal Reserve found U.S. households owe $1.04 trillion in credit card debt. In Minnesota, the average credit card balance is $5,961. That is a lot of money, and for far too many credit card debt is Read more Reducing Credit Card Debt
May 2019 Update
Share Your Thoughts with Your Legislators! Now is the time to contact the leaders from the Minnesota House and Senate to let them know your views on legislation to limit payday loan interest rates! Legislation has passed in the Minnesota House of Representatives to cap interest rates on payday loans to 36%. This provision is Read more May 2019 Update
How to Save $500 in a Year
How to Save $500 in a Year Are you financially prepared for a $500 emergency? If your answer is “no,” you are not alone. According to a 2018 Federal Reserve report, 4 in 10 adults would not be able to pay for an unexpected $400 expense or would need to sell something or borrow money Read more How to Save $500 in a Year
April 2019 Update
It’s Our 4th Birthday! In April 2015, Exodus Lending launched our interest-free loan refinancing program and enrolled our first participant. Four years and over 270 participants later, we’ve refinanced more than $217,000 of payday loan debt for Minnesotans and saved them more than an estimated $669,000! That’s money that stays in our communities to pay Read more April 2019 Update
Managing Car Expenses
For many, cars are expensive necessities – that’s why it’s important to take time to assess your unique situation and prepare your budget for all the expenses associated with car ownership. That way, the next time your engine light brightens up, it won’t be a financial emergency because you will have money available to handle it. Read more Managing Car Expenses
March 2019 Update
Here’s how you can help stop the debt trap. House File 1501, a bi-partisan bill introduced in the Minnesota House this year, would put an interest rate cap of 36% on payday loans issued in Minnesota. This bill passed the House Commerce Committee and is awaiting a later vote by the full House. In order for Read more March 2019 Update
Retirement
It is difficult to think long-term, especially for events as far away from retirement, when you are simply trying to stay on top of all your everyday affairs. That doesn’t make it any less important, though, so take some time to learn about retirement savings accounts and savings strategies. Retirement Accounts Retirement accounts are tax-advantaged holding accounts Read more Retirement
February 2019 Update
Payday Lending Reform in Minnesota On Tuesday, February 26, state legislators will hold a hearing on payday lending legislation in Minnesota, including a push for a 36% effective interest rate cap. Here is HF 1501 as introduced today↗ (opens in a new tab), regulating interest rates for consumer short-term and small loans. Exodus Lending staff and Read more February 2019 Update
January 2019 Update
Our Story: “Exodus Lending Strengthens Communities” We are honored to be a Mary’s Pence Grantee, and we love the video they’ve created highlighting our program. Hear from our executive director, Sara Nelson-Pallmeyer, about how Exodus Lending works to help Minnesotans break free from payday loan debt. “We are improving lives and creating social change by taking Read more January 2019 Update
Budgeting
Why Should I Budget? To effectively manage your finances, you need a budget. That’s what every personal finance blog, class, video, and professional will tell you. It is a fundamental component of finance, even if it isn’t all that fun. Budgeting for the first time feels intimidating and overwhelming. Where do you even begin? The Read more Budgeting